Brandywine Fine Wines is expected to pay an annual dividend next year of $2.65 a share, a dividend in Year 2 of $2.89, a dividend in Year 3 of $3.15, and a dividend in Year 4 of $3.43. Thereafter dividends are expected to grow at a constant rate of 2.50 percent annually. What is the price of Brandywine Fine Wines stock given a required return of 12 percent.

a. $43.78

b. $27.94

c. $32.61

d. $35.65

e. $39.44